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Strategy's Q2 results may look rough on the income statement, but the direct impact on Bitcoin appears limited. The company reported an $8.2B quarterly loss, while its BTC holdings grew by roughly 11% during the same period. The reported loss is primarily an accounting markdown—not evidence of spot Bitcoin being sold. For the market, the key takeaway is that this doesn't automatically translate into additional BTC supply. $BTC #SoftPCEStrongDemand #AMZNMissesButRallies